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kayogle · Joined: 08 Nov 2008 Posts: 1 1.35 Dollars($)

I am wondering what will happen to our credit card rates after we settle with our bank with a home headed to foreclosure. The bank has said we don't have enough income to reduce our payments or rate so we have to do a short pay or deed in lieu of foreclosure. We are only one month late so far. We are waiting on papers from the bank.

smithsussane · Posted: Sun Nov 09, 2008 9:01 pm Post subject:

Hi kayogle!

Welcome to forums!

The credit card companies can run credit checks on you. They can do this anytime and either they increase the credit line, or rescind credit. As you will go through a foreclosure, the credit card companies will run a credit check and if it indicates that your creditworthiness has changed for the worse, then they can close your account.

Feel free to ask if you have further queries.

Sussane

helping_user · Posted: Mon Nov 10, 2008 2:55 am Post subject:

Hi kayogle,

A deed in lieu of foreclosure will obviously bring down your credit score. This will in turn affect your credit card interest rates. But why are you availing credit cards right now? I think you should wait for some time till you can rebuild your credit again.

Even if you don't go for deed in lieu and try short sale instead, your credit score will go down though by less number of points. Just check out how short sale affects credit score.

Thanks.

Guest

We are talking to the bank but now have our first 30 day late and another soon to come. We have had our place on the market for 2 years and are below market by at least $60,000. It is a resort area so not much happening there. We are worried about our credit and am wondering if we try to send something to the bank each month if they will agree not to report the lates. We are waiting to hear from them and wanting to do a short sale or deed in lieu but need to do the best for our credit. We have always had 700-750 in the past.

Niicss · Posted: Tue Nov 11, 2008 3:01 am Post subject:

Hi noname,

Your query has been answered in the following link:
http://www.mortgagefit.com/deedinlieu/affectcredit.html#66511
I hope it will help you.

Thanks.

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After I have 3-4 lates and or a deed in lieu of foreclosure,